SCOTUS Blog has a brief analysis of the case, which turns on whether Kentucky can favor its own government-issued revenue bonds by making them exempt from the taxes levied on the bonds of other states. It is perhaps a little less interesting than Kentucky's other case before the court (lethal injection), but with bonds being touted as the magic solution to everything from Louisville's library system to new university buildings, the issue is certainly not trivial. Of course, the real interest is seeing where the two Bush-appointed justices will come down in the Court's evolving view of the Commerce Clause.

UPDATE: TaxProf Blog has posted a round-up of commentary on the case here.